soonercruiser
5/7/2011, 09:33 PM
Fannie Mae seeks more federal aid in $8.7B loss BY THE ASSOCIATED PRESS Associated Press Leave a comment Published: May 7, 2011
WASHINGTON — Fannie Mae asked the government Friday for an additional $8.5 billion in aid after declining home prices caused more defaults on loans guaranteed by the mortgage giant.
The company said it lost $8.7 billion in the first three months of the year. Those losses led Fannie to request more than three times the federal aid it sought in the previous quarter. The total cost of rescuing the government-controlled mortgage buyer is nearing $100 billion — the most expensive bailout of a single company.
Combined with the bailout of sibling company Freddie Mac, the government expects their rescue to cost taxpayers about $259 billion. That money will cover their losses on soured loans made during the housing bubble.
http://newsok.com/fannie-mae-seeks-more-federal-aid-in-8.7b-loss/article/3565658?custom_click=lead_story_title
BEND OVER tax-payer!
WASHINGTON — Fannie Mae asked the government Friday for an additional $8.5 billion in aid after declining home prices caused more defaults on loans guaranteed by the mortgage giant.
The company said it lost $8.7 billion in the first three months of the year. Those losses led Fannie to request more than three times the federal aid it sought in the previous quarter. The total cost of rescuing the government-controlled mortgage buyer is nearing $100 billion — the most expensive bailout of a single company.
Combined with the bailout of sibling company Freddie Mac, the government expects their rescue to cost taxpayers about $259 billion. That money will cover their losses on soured loans made during the housing bubble.
http://newsok.com/fannie-mae-seeks-more-federal-aid-in-8.7b-loss/article/3565658?custom_click=lead_story_title
BEND OVER tax-payer!